Peter Crawford promoted to Chief Financial Officer effective May 16
Joe Martinetto to continue serving as Senior Executive Vice President
Public Company Information:
SAN FRANCISCO--(BUSINESS WIRE)--The Charles Schwab Corporation announced today that Peter Crawford, Schwab’s executive vice president of finance and a 16-year veteran of the company, will succeed Joseph R. Martinetto as the company’s chief financial officer, effective May 16 following Schwab’s annual stockholders meeting.
Mr. Martinetto, 55, who marks his 20th anniversary with Schwab this year, will continue as senior executive vice president at Schwab, reporting to President and CEO Walt Bettinger and maintaining oversight of several functions including: the company’s banking, technology and operations units; its real estate and corporate development and strategy teams; and community services. Mr. Martinetto will also continue serving on the company’s executive council, as a trustee of the Schwab Family of Mutual Funds and Exchange Traded Funds, and as a member of the boards of Charles Schwab Bank and Charles Schwab & Co, Inc. Named CFO in 2007, Mr. Martinetto subsequently helped Schwab successfully navigate the country’s recent financial crisis and the Federal Reserve’s zero interest rate policies, while guiding growth in Schwab’s balance sheet from less than $50 billion in 2007 to over $220 billion today.
“Joe’s leadership and judgment have been central to Schwab’s success over the past decade, and I look forward to his continued partnership and counsel for years to come,” said Mr. Bettinger. “I’m grateful for Joe’s ongoing commitment as a senior executive at Schwab, as well as his skill at developing a talented bench of executives to ensure smooth transitions into important roles like CFO. With Peter succeeding Joe, we are promoting a strong leader with outstanding business acumen who has the confidence of our board of directors, Joe and me.”
Mr. Martinetto commented, “Peter and I have been working together towards this transition since the middle of 2015. We are closely aligned regarding the importance of sustaining the company’s commitment to profitable growth and the expense discipline that makes it possible. Peter is ready to lead the company’s financial management in a manner consistent with our longstanding values while also helping Schwab continue to evolve as one of the nation’s largest investment services firms.”
Appointed executive vice president of finance in July 2015, Mr. Crawford, 48, leads the company’s treasury and controller functions, as well as planning and enterprise finance. He joined Schwab in 2001 after serving at McKinsey & Company, where he was an engagement manager in the Washington, D.C., San Francisco, Sao Paulo and Hong Kong offices.
During his tenure at Schwab, Mr. Crawford has held increasing levels of responsibility for a wide range of businesses and product lines, including product management for Schwab Funds, and management of Schwab’s cash products, its core client segment offerings, the company’s fixed income offering, and its third party investment platforms. He also served as chief of staff to Chairman Charles Schwab. Crawford holds a bachelor’s degree from Yale University, where he graduated magna cum laude, and a master of business administration degree from the Stanford Graduate School of Business.
About Charles Schwab
The Charles Schwab Corporation (NYSE: SCHW) is a leading provider of financial services, with more than 335 offices and 10.2 million active brokerage accounts, 1.5 million corporate retirement plan participants, 1.1 million banking accounts, and $2.78 trillion in client assets as of December 31, 2016. Through its operating subsidiaries, the company provides a full range of wealth management, securities brokerage, banking, money management, custody, and financial advisory services to individual investors and independent investment advisors. Its broker-dealer subsidiary, Charles Schwab & Co., Inc. (member SIPC, www.sipc.org), and affiliates offer a complete range of investment services and products including an extensive selection of mutual funds; financial planning and investment advice; retirement plan and equity compensation plan services; referrals to independent fee-based investment advisors; and custodial, operational and trading support for independent, fee-based investment advisors through Schwab Advisor Services. Its banking subsidiary, Charles Schwab Bank (member FDIC and an Equal Housing Lender), provides banking and lending services and products. More information is available at www.schwab.com and www.aboutschwab.com.